Digital technology has been disrupting industry after industry, with the insurance industry standing on the precipice of this profound disruption. Today, the insurance industry is starting to realize the benefits of advanced technologies, owing to the factors, such as simplification of the claims process, improved efficiency, and the capabilities to implement automation. With the customer expectations for convenience, transparency, and real-time issue resolution paving a way to a new future for the insurance industry, traditional insurers are harnessing the power of advanced technologies such as Artificial Intelligence, Machine Learning, Internet of Things, and Big Data, to meet the expectations of their customers.
From the past few years, insurers have been using predictive analysis to collect a variety of data to understand and predict customer behaviour. Using predictive analytics can also streamline the performance of several tasks like pricing and risk selection, identifying customers at the risk of policy cancellation, the threat of fraud, triaging claims, and recognizing outlier claims. Insurers have also been adopting AI to improve claims turnaround cycles, access data faster, and fundamentally change the underwriting process. Moreover, by utilizing the power of IoT, enables insurance industry to access data about customer behaviour and individual variables, which helps to further optimize and refine products and services. Machine learning has also made it possible to make advancements in natural language processing, which can be used to create programs like chatbots. Chatbots can be used to interact with customers seamlessly and make it possible for customers to ask insurance and medical questions without the need for human interaction, making the process more accurate, cost-effective, and faster. In addition to chatbots, Mobile apps are also making it easier to access customer location and vital-data. At the same time, drones are also being used across many stages of the insurance lifecycle, from collecting data to calculating risks, aiding in preventative maintenance, and assessing damage following a loss.
Moreover, with the premise of fraud detection and risk prevention, Blockchain is also emerging in the insurance industry as it helps insurers in reducing the admin costs incurred while reviewing claims and checking third-party payments. It ensures that all of the information is fraud-protected, shared, and easy to verify. Another emerging trend that fast-tracks and mobilizes the user experience is the use of augmented reality (AR) to speed up the quoting process. With AR, users can see the real world with an overlaid digital image.
At this juncture, there is a wide variety of solutions providers entering the industry with advanced and integrated smart insurance technologies. To help companies navigate through the best-of-breed solution providers, CIO Applications has compiled a list of ‘Top 25 InsurTech Solution Providers 2020.’ The enlisted organizations are transforming insurance operations and processes at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you CIO Applications’, “Top 25 InsurTech Solution Providers - 2020.”